Required information E4-16 through E4-18 (Static) Recording Four Adjusting Journal Entries, Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4, LO 4-5] [The following information applies to the questions displayed below.] Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. Debit $38 Credit 9 6 80 $0 9 0 76 4 80 0 10 26 0 $169 $169 d. Income tax expense, $9. E4-17 (Static) Part 2 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INCORPORATED Statement of Retained Earnings For the Year Ended December 31 (in thousands of dollars) Beginning Balance $ 4 Add: Net Income 19 Ending Balance $ 23